Costco Anywhere Visa Business Card by Citi Review

Costco Anywhere Visa Business Card by Citi

Costco Anywhere Visa Business Card by Citi offers cash-back rewards on everyday business purchases. With no annual fee as long as you maintain a paid Costco membership, this card can be a valuable tool for small businesses looking to earn rewards on gas, travel, dining, and Costco purchases. This card offers cash-back rewards on everyday business expenses you already make, including gas, travel, dining, and, of course, purchases at Costco. Plus, there’s no annual fee to worry about as long as you keep your Costco membership active. That means you can earn rewards without breaking the bank. 3% Cash Back on the restaurant travel purchase. 2% of all other purchases on Costco credit card and 1% cash back on all other purchases

Quick Highlights of Costco Anywhere Visa Business Card by Citi

• Designed exclusively for Costco members
• Earn top-tier rewards: Get 4% cash back on gas and EV charging (up to $7,000 annually), 3% cash back on restaurants and travel, and 2% back on all Costco purchases.
• 3% cash back on restaurants and travel
• 2% cash back at Costco and Costco.com
• 1% cash back on all other purchases
• This card has no annual fee with a paid Costco membership
• No foreign transaction fees on purchases
• Global Savings: Make purchases abroad without foreign transaction fees.
• Annual credit card reward certificate redeemable for cash or merchandise at U.S. Costco warehouses (including Puerto Rico)

Rewards and Benefits of Costco Anywhere Visa Business Card by Citi

Rewards

• Fuel Up & Charge Up: For the first $7,000 spent annually, you’ll earn a whopping 4% cash back on gas and EV charging stations. That’s a significant boost for businesses that rely on vehicles. After that, you’ll still earn a solid 1% back.
• Dine & Travel without Limits: Enjoy a limitless 3% cash back on restaurant purchases (excluding bakery items and specific eateries within department stores, grocery stores, and warehouse clubs). You’ll also get 3% back on eligible travel, excluding timeshares, campgrounds, bed and breakfasts, train, and commuter travel.
• Maximize Your Costco Shopping: Get rewarded for your business shopping. Enjoy an unlimited 2% cash back on all your purchases at Costco warehouses and Costco.com.
• Everyday Purchases: Even for non-category spending, you’ll still earn a respectable 1% cash back on everything else you buy with the card.

How to Redeem Rewards

• Annual Reward Certificate:  You’ll receive all your earned cash back for the year in one lump sum as a reward certificate. This is typically issued after your February billing statement closes.
• In-Store Redemption Only:  The certificate can only be redeemed for cash or merchandise at a physical Costco warehouse location in the United States or Puerto Rico. There’s no online redemption option or ability to use it towards your credit card balance.
• Use it or lose it:  Remember, the reward certificate expires on December 31st of the year it’s issued. Make sure to shop at Costco before the year ends to avoid losing your hard-earned rewards.

Benefits

The Capital One Platinum Secured Credit Card offers a variety of benefits for cardholders. These benefits make it an attractive choice for individuals looking to build or improve their credit score, as well as those who want to take advantage of certain perks while using their credit cards.

Travel Benefits

One of the main benefits of the Capital One Platinum Secured Credit Card is its travel benefits. With this card, you can receive travel and emergency assistance, worldwide car rental insurance, and travel accident insurance. This means that you can have peace of mind while travelling, knowing that you have access to a range of services in case of an emergency.

Damage and Theft Protection

Another benefit of the Capital One Platinum Secured Credit Card is its damage and theft protection. If your purchases are damaged or stolen within 120 days (90 days for New York residents) of purchase, you may be eligible for a repair or return cost reimbursement. This can provide added security when making expensive purchases using your credit card.

Citi Entertainment

Cardholders also have access to Citi Entertainment, which offers tickets to various events, including concerts, sporting events, dining experiences, and more. This perk can help you save money on entertainment expenses and also provide exclusive experiences that may not be available to the general public.

Digital Wallets

The Capital One Platinum Secured Credit Card is compatible with digital wallets such as Apple Pay, Google Pay, and Samsung Pay. This means that you can save your card to your digital wallet for faster and more convenient checkout options when making purchases online, in stores, or through apps.

Contactless Pay

With the Capital One Platinum Secured Credit Card’s contactless chip technology, you can simply tap your card on a payment reader for a secure transaction without having to swipe or insert your card. This feature not only provides a more convenient payment option but also adds an extra layer of security to your purchases.

Feature Benefits

Cash Back That Ads Up

• High-earning categories: Maximize your return with 4% cash back on gas and EV charging (up to $7,000 annually), 3% back on restaurants and travel, and 2% back on all Costco purchases.
• Everyday rewards: Earn 1% cash back on all other purchases to keep your rewards rolling in.

Costco Value

• No annual fee: As long as you maintain your active Costco membership, you won’t pay a dime to hold this card.
• Shop globally, save globally: Skip the extra fees with no foreign transaction charges on any purchases.
• Double down on rewards: Redeem your annual cash-back certificate for even more value on cash or merchandise at any U.S. Costco warehouse, including Puerto Rico.

Business Focused

• Rewarding everyday expenses: This card is designed for typical business purchases you already make, making it easy to earn rewards.
• Streamlined rewards: Consolidate your rewards into one card for hassle-free tracking and redemption.

Rates and Fee of Costco Anywhere Visa Business Card by Citi

Rates

• Regular APR: 20.49%
• Intro Purchase APR: N/A
• Intro balance transfer APR: N/A
• Cash Advance APR: N/A
• Penalty APR: Up to 29.99%
• Minimum Interest Charge: if you are Interest charged, the charge will be no less than 50 cents

Fee

• Annual Fee: N/A
• Cash Advance: Either 10$ or 5% amount of each advance, which is greater
• Foreign transaction: N/A
• Late Fee: up to 41$
• Returned Payment: up to 41$

Eligibility Criteria

• Costco Membership: This is a key requirement. You must have a current, active Costco membership in your name to apply for the card. Employees you want as authorized users will also need individual Costco memberships.
• Business Ownership: The card is intended for business owners and authorized representatives.
• Creditworthiness: While not explicitly stated, the Costco Anywhere Visa® Business Card by Citi generally targets applicants with excellent credit, typically meaning a score of 740- 850 excellent.
• Income: Enough income to comfortably manage the card and make minimum monthly payments is necessary.

Approval Process for the Costco Anywhere Visa® Business Card by Citi

1. Application: You can apply online through Citi’s website or potentially in-store at Costco.
2. Review: Citi will review your application, including your credit history, business information, and personal income (if applicable).
3. Approval or Denial: Citi will notify you of their decision. Approval can take several days or even a few weeks.

Additional Points

• Personal guarantee: Most business credit cards, including this one, require a personal guarantee from the applicant. This means your creditworthiness will be a factor in approval.
• No public information on approval odds: Unfortunately, Citi doesn’t publicly disclose approval odds for the Costco Anywhere Visa® Business Card by Citi.

How to Apply of a Costco Anywhere Visa Business Card by Citi

1. Prepare your documents

Gather basic information like name, address, Social Security number, and date of birth.

You might need proof of income (pay stubs, tax returns) and business information (registration documents).

2. Submit your application

This can be done online, over the phone, or in person at a Costco location (if applicable).

The application will ask for your personal and business details, as well as any income or financial information required.

3. Decision notification

You’ll be notified of the decision via email, phone, or mail.

An approval will provide details like your credit limit and next steps. If denied, you’ll usually receive an explanation and potential options for reconsideration.

Customer Service/ Phone Number of Costco Anywhere Visa Business Card by Citi

The customer service phone number for the Costco Anywhere Visa® Business Card by Citi is 1-855-378-6468.

Conclusion

The Costco Anywhere Visa® Business Card by Citi caters to business owners who are also Costco members and value generous gas station rewards. This Card by Citi shines for frequent business travellers. It delivers top-tier cash back on gas and EV charging, along with restaurant and travel purchases. The 4% cash back on gas purchases is a standout feature, and the absence of an annual fee makes it even more attractive (considering you already have a Costco membership). However, keep in mind the limitations of the rewards program. You can only redeem your cashback in the form of a yearly certificate, requiring a trip to Costco. Additionally, there are no introductory bonuses or promotional APR periods. If these limitations aren’t dealbreakers, and you’re a frequent Costco shopper, this card can be a great way to maximize your rewards on gas and other business expenses.

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